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SimpleBank looks interesting - I assume this is a 'virtual' bank and they are just reselling some other bank but putting their interface on it.

Anyone know any details?



It's not just a pretty interface to Bank of America or anything like that. But they aren't a normal bank with a charter and millions of dollars put up in bonds to allow them to operate legally. They haven't gone into detail about exactly how everything works, but they have a "network of banks" where the money will be stored (which is how they get it FDIC insured), and they sit on top of that in some way.

http://banksimple.net/blog/2010/03/23/status-update/

>When we first started thinking about starting a bank we looked into the de novo banking process. This is the process by which new banks are formed from scratch. This is both expensive and, more importantly, it takes too long to launch. It is near impossible to innovate with an imposed three year launch delay. The best way to serve your needs is to launch quickly and to adapt our offering to meet your individual needs. Modern technology lets us do that. To achieve this we are planning to launch with a special corporate structure. We are bringing together a group of financial institutions to provide our underlying banking services. Our partner banks hold all deposits in insured accounts.


Sounds like a real bank: http://banksimple.net/faq/




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